Paying Taxes Can Tax The Better Of Us: Difference between revisions
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Revision as of 01:57, 12 November 2024
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Structured Entity Tax Credit - The internal revenue service is attacking an inventive scheme involving state conservation tax credits. The strategy works by having people set up partnerships that invest in state conservation credits. The credits are eventually burnt up and a K-1 is distributed to the partners who then go ahead and take credits on your personal return. The IRS is arguing that there isn't legitimate business purpose for your partnership, can make the strategy fraudulent.
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